Financial Daily from THE HINDU group of publications
Wednesday, Apr 27, 2005
Financial Daily from THE HINDU group of publications Wednesday, Apr 27, 2005 |
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Corporate Results
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Pharmaceuticals Nicholas Piramal slips into red Our Bureau
Mumbai , April 26 NICHOLAS Piramal India Ltd in its consolidated operations reported a net loss of Rs 13.43 crore for the fourth quarter of 2004-05, against a net profit of Rs 80.8 crore in the year-ago period. During the quarter, the domestic market witnessed significant down stocking by trade channels in anticipation of VAT coming into effect on April 1 and also a chemists' boycott of psychotropic/narcotic drugs. This factor also impacted its consolidated income, which stood at Rs 246.4 crore (Rs 340.8 crore). The company's board has recommended a dividend of Rs 3 per share. For the year, consolidated profit was Rs 164.05 crore (Rs 199.66 crore). Domestic branded formulations sales were significantly lower by 46.7 per cent. Applies for Phase-I trial in Canada Reiterating its focus on research, NPIL has submitted an investigational new drug approval (IND) to the Canadian regulators for Phase-I clinical trials of its oncology lead molecule P-276-00. The company hopes to complete the Phase I trials by the end of the 2005-06 financial year. It recently set up a new state-of-the-art research centre in Mumbai, which will focus on the development of new chemical entities, novel drug delivery systems and process development work.
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